TSX/NYSE/PSE: MFC SEHK: 945
C$ unless otherwise stated
TORONTO, Jan. 02,
2025 /CNW/ - Manulife announced today that it
has closed1 the previously announced transaction to
reinsure two blocks of legacy business, including a younger block
of long-term care (LTC), with Reinsurance Group of America
("RGA").
"With this second milestone LTC reinsurance transaction, we have
now reinsured both mature and younger LTC blocks, further
validating our prudent LTC reserves and assumptions," said Manulife
President and Chief Executive Officer Roy
Gori. "Additionally, this transaction reaffirms our
commitment to unlocking shareholder value and further reshapes our
portfolio to higher return and lower risk."
For more information on the transaction, please see the news
release, slides and webcast from our November 20th, 2024, announcement.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider, helping people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Wealth & Asset
Management, we offer global investment, financial advice, and
retirement plan services to individuals, institutions, and
retirement plan members worldwide. At the end of 2023, we had more
than 38,000 employees, over 98,000 agents, and thousands of
distribution partners, serving over 35 million customers. We trade
as 'MFC' on the Toronto,
New York, and the Philippine stock
exchanges, and under '945' in Hong
Kong.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
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FOOTNOTES
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The effective date of
the transaction is January 1, 2025.
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SOURCE Manulife Financial Corporation
